Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

WiseTech Global plans to raise US$75-165m through an issuance of a mix of primary and secondary shares. The deal is set to launch this week for retail subscription, while institution book build will follow next week.WiseTech seems to derive most of its growth from existing customers as revenue growth from new customers remains in single digits YoY. Moreover, high capitalized versus expensed product development costs appear to flatter the bottom line while visibility on corresponding new product launches remains limited. The company's financial performance remains robust, at least on headline numbers. However, the deal scores a marginally negative score on our framework owing to stretched valuations and lackluster peer performance.

WiseTech Global plans to raise US$75-165m through an issuance of a mix of primary and secondary shares. The deal is set to launch this week for retail subscription, while institution book build will follow next week.WiseTech seems to derive most of its growth from existing customers as revenue growth from new customers remains in single digits YoY. Moreover, high capitalized versus expensed product development costs appear to flatter the bottom line while visibility on corresponding new product launches remains limited. The company's financial performance remains robust, at least on headline numbers. However, the deal scores a marginally negative score on our framework owing to stretched valuations and lackluster peer performance.

WiseTech Global IPO - Slowing Down but Still at Lofty Valuations

Atlassian plans to raise US$330-370m through its IPO. We generally do not look at US equity listing, however, this being a well followed Australian Tech success story, we have been receiving requests from clients and a few patriotic blokes in our office for coverage.We&nbsp;remain&nbsp;inclined to participate in the deal, given:&nbsp;<ul><li>There is no questioning the management's track record of bootstrapping the firm with minimal external funding, which has mostly be used for acquisitions &nbsp;</li><li>Atlassian's core product JIRA is well known and well loved in&nbsp;the software development community (as our in-house tech team can attest). The company also remains a darling among its employees resulting in consistent high-ratings on Glassdoor.</li><li>The company's growth rate doesn't seem to have plateaued with growth accelerating over the past two years, after suffering a slowdown, likely due to change in pricing policies in 2011</li><li>Competition remains the main risk. Recent product acquisitions haven't&nbsp;gone as well, with both HipChat and Bitbucket seemingly being overshadowed by competing products. Thus, growth remains dependent on JIRA, which itself is facing competition from existing players and upstarts. &nbsp;&nbsp;</li><li>Overall, IPO valuations appear reasonable, using a range of EV/Sales, Mcap/Sales, Mcap to cash flow metrics.&nbsp;</li></ul>

Atlassian plans to raise US$330-370m through its IPO. We generally do not look at US equity listing, however, this being a well followed Australian Tech success story, we have been receiving requests from clients and a few patriotic blokes in our office for coverage.We&nbsp;remain&nbsp;inclined to participate in the deal, given:&nbsp;There is no questioning the management's track record of bootstrapping the firm with minimal external funding, which has mostly be used for acquisitions &nbsp;Atlassian's core product JIRA is well known and well loved in&nbsp;the software development community (as our in-house tech team can attest). The company also remains a darling among its employees resulting in consistent high-ratings on Glassdoor.The company's growth rate doesn't seem to have plateaued with growth accelerating over the past two years, after suffering a slowdown, likely due to change in pricing policies in 2011Competition remains the main risk. Recent product acquisitions haven't&nbsp;gone as well, with both HipChat and Bitbucket seemingly being overshadowed by competing products. Thus, growth remains dependent on JIRA, which itself is facing competition from existing players and upstarts. &nbsp;&nbsp;Overall, IPO valuations appear reasonable, using a range of EV/Sales, Mcap/Sales, Mcap to cash flow metrics.&nbsp;

Atlassian - Loved by Customers and Employees Alike, Investors Will Probably Follow

United States

Atlassian Corporation provides technology solutions. The Company designs and develops enterprise software platform for project management, collaboration, issue tracking, integration, deployment, and support services. Atlassian serves customers worldwide.

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Atlassian (TEAM US)

WiseTech Global IPO - Slowing Down but Still at Lofty Valuations

WiseTech Global plans to raise US$75-165m through an issuance of a mix of primary and secondary shares. The deal is set to launch this week for...

Sumeet Singh

Atlassian - Loved by Customers and Employees Alike, Investors Will Probably Follow

Atlassian plans to raise US$330-370m through its IPO. We generally do not look at US equity listing, however, this being a well followed Australian...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)